The pandemic has severely affected the lifestyle of the majority of people around the world. Its most common feature in most of the countries is economic shock to all the industries especially Tourism and Hospitality.
The coronavirus has destroyed the world’s economies and disrupted life in ways that only an year ago were unthinkable. Never will the universe be the same. But businesses have now begun to come back on track at some point and people have started travelling. The pandemic is notably the most impactful crisis after the Second World War that has utterly wrecked havoc in the world. It has affected developed, developing and underdeveloped countries. Countries that are facing unprecedented outspread of this disease are the US, Brazil, Italy, India, Spain, South Korea, France, Iran and so on.
Aviation industry has proven to be an important part of the economy as it holds strong cross-industry linkages with upstream as well as downstream sectors. It has witnessed a draconian abetment of fleets, dramatic dwindle in demand, suspension of numerous employees and accelerated cessation of airlines. The economic repercussions on the travel industry is speculated to be immeasurable. There is a decrease of about USD 400 Billion due to shrinkage of travel demand as per a research.
The business models and economics of commercialized aviation will be redesigned. They will also be required to remodel a new normal in order to acclimatize. This includes new health measures and protocols, new travel curtailments and restrictions, and possibly more impactfully, new ethos and travel keenness from passengers.
Challenges for Tourism and Hospitality Sectors
The pandemic has severely affected the lifestyle of the majority of people around the world. Its most common feature in most of the countries is economic shock to all the industries especially Tourism and Hospitality. Tourism and hospitality sectors thrive on visitation trends and decision-makers make significant efforts to draw tourists to sustain the sector and increase the industry’s multiplier impact. However, travel restrictions are being observed at national and international levels due to the ongoing situation. These restrictions include closure of border, ban on travelling, cancellation of events, fear of the disease, quarantine requirements, etc.